Feb. 28 (Bloomberg) -- Carl Esprey, who has worked as a
portfolio manager at GLG Partners Inc., was one of the three men
arrested yesterday in London on suspicion of insider trading,
according to a person with knowledge of the matter.

Esprey, 33, was detained and questioned about trades he
made through a private account, said the person, who asked not
to be identified because the information hasn’t been publicly
disclosed. He joined Man Group Plc’s GLG unit in January 2008 as
a portfolio manager for its European Long-Short Fund, according
to a July 2012 press release issued by the company.

The investigation is part of the push by the Financial
Services Authority to crack down on insider trading by employees
at London’s biggest financial companies after previously
targeting lower-profile individuals. The U.K. regulator arrested
five people including a Schroders Plc equity trader in another
insider-trading investigation last month.

Esprey didn’t respond to e-mails sent to his GLG address
and he couldn’t be reached on his mobile phone. FSA spokesman
Joseph Eyre declined to comment on the identity of the three
people arrested. Man Group Chief Executive Emmanuel Roman also
declined to comment, when asked about the investigation of the
employee on a conference call with reporters today.

Man Group confirmed that one of its employees had been
arrested by the FSA in an e-mail yesterday. The investigation
regards the person’s “actions as a private individual and not
as an employee of Man Group or GLG,” it said. Man Group said it
suspended the employee and had cooperated with the FSA’s probe.

Listed ‘Inactive’

Esprey is now listed as “inactive” on the FSA register of
people approved to hold positions in the finance industry after
being shown as “active” as recently as yesterday. Before
joining GLG in London, he worked in the corporate-finance
department of BHP Billiton Ltd., the world’s biggest mining
company, GLG said in the statement.

GLG last year appointed Esprey to a team of traders focused
on investing in Asia, according to the statement. Esprey was
identified as the team’s “materials specialist.”

The other two men arrested by the FSA don’t work for GLG
and haven’t been identified. The regulator and London’s
Metropolitan Police also executed six search warrants yesterday
on homes and offices in the British capital and the surrounding
areas.

All those arrested hold positions that required FSA
approval. None have been charged.